The Tonopah Mining Company of Nevada was incorporated on July 12, 1901 in Delaware for the purpose of developing and operating a gold and silver ores property at Tonopah, Nevada. The company was formed by a group of Philadelphia businessmen; throughout Tonopah's history, it was managed by eastern capitalists. The company maintained a mining operations office in Tonopah, Nevada and a business office in Philadelphia where the records were kept and the annual meetings were held.

Within several years, subsidiary companies were formed to operate a mill for ore treatment, a steam plant to generate electricity for the mine, and a railroad to transport the ores. The Tonopah Mining Company of Nevada began exploration and development for additional metal mines in 1910. Over several decades, properties were purchased in Colorado, Nevada, Canada, and Nicaragua. Most of the subsidiary mining companies proved unsuccessful and the operations were limited. The parent company provided all funds for preliminary development work, plant installation, and working capital. All of the subsidiaries were incorporated in Delaware.

The work at the Tonopah mines was hampered by labor shortages and development work was stopped during 1917-1919. Mining costs increased due to decreased tonnage from the underground workings, and the increase in the wage scale and the cost of supplies. The company saw mixed results in the 1920s.

Mining operations at Tonopah were closed for several months in 1930 but the mines were reopened under the leasing system. During 1933 and 1934 the number of lessees at the Tonopah mine increased due to the rise in the price of gold and silver and total net profits increased during those years. However, by the 1940s, the company was clearly on the decline The grade of ore at the Tonopah mine and the number of lessees had consistently decreased. Net profits continued to fall due to reduced tonnage, increased costs and lower values of silver ore. Leasing had remained profitable until 1944; the shortage of lessees reduced production so that the company was just breaking even.